Weekly Market Outlook : The domestic market experienced significant volatility due to mixed signals Says Vinod Nair, Geojit Financial Services
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Below is on Weekly Market Outlook By Vinod Nair, Head of Research at Geojit Financial Services
The domestic market experienced significant volatility due to mixed signals from global counterparts. The approval of a debt deal that prevented a US default instilled optimism among global investors, who are now eagerly awaiting the Federal Reserve's forthcoming monetary plan. Although the higher-than-anticipated US inflation initially raised concerns about another interest rate increase by the Fed, these fears were short-lived as Fed officials indicated a potential rate hike deferral in June. Contrary to the global trend, domestic indicators favour bullish sentiment. The release of domestic GDP data, surpassing expectations, and robust Q4 earnings bolstered the growth prospects of the domestic market. Additionally, auto sales for the month of May displayed a sequential recovery, boosting sentiment across the sector. As we enter a new month, investors are anticipating the release of data points such as PMI and US payroll data, in addition to the outcome of the central banks' monetary policy meeting.
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